While everyone hopes that 2010 will be a better year than 2009, millions of Americans have already been laid-off from their jobs and others may have this disheartening experience this year. Financial counselors have some suggestions for unemployed individuals which can ease their financial pain.
Losing a job ranks among the most devastating experiences for individuals and can take a toll financially as well as emotionally. Yet many people can attest to the eventually beneficial side of losing a job, such as finding a better job or more rewarding position or even choosing to take the opportunity to start your own business.
In the meantime, financial reality must be faced. Consolidated Credit Counseling Services, a non-profit, federally-approved agency which helps families handle financial problems, has several suggestions for handling unemployment.
1. Look for programs to assist the unemployed. In addition to unemployment insurance, some states offer job training or even a loan if you are establishing your own business. Check with the federal government's Small Business Administration for loan programs.
2. Try a part-time job. A part-time job can bring in some extra money while allowing you the flexibility of time to search for a full-time job. Sometimes a part-time job can lead to full-time employment.
3. Cut spending. With little or no money coming in, families will need to pull together to make drastic cuts in everything that is not absolutely necessary to your survival or your job hunt.
4. Reduce your phone bill. Look into combining phone and Internet services or dropping a land line in favor of a cell phone. Call the phone company to see if you can take advantage of special packages.
5. Energy bills. While it may not seem like much, try to conserve energy as much as possible by turning out lights and lowering the thermostat to save money.
6. Grocery shopping. Bargain hunt, clip coupons and always shop with a list so you don't accidentally overspend.
7. Credit card debt. If you can qualify, apply right away for a credit card with a lower interest rate and then transfer the balance from your higher-interest cards. If your debts seem unmanageable or you want personal financial advice, consider consulting a non-profit counseling agency.
Facing unemployment is never a pleasant experience, but tackling your search for new employment and your budget like a full-time job can get you and your family on track for the future.
Written by Michele Lerner
HULIQ.com
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